[CT, DE, D.C., MD, NJ, NY, PA, VA, WV] M&T Bank $300 Business Checking Bonus


Update 4/27/21: Deal is back and valid until May 30, 2021. Looks like it can be opened online now. Hat tip to IS250

Update 10/4/20: Deal good through November 30, 2020.

Update 8/10/20: Monthly fee is waived for the first three months. Hat tip to Lazy Travelers

Update 8/2/20: Deal is back and valid until September, 30 2020. Hat tip to reader crystal

Offer at a glance

  • Maximum bonus amount: $400 (+$100 for merchant services)
  • Availability: In branch only [Branch locator]. Branches are in CT, DE, D.C., MD, NJ, NY, PA, VA, WV
  • Direct deposit required: No
  • Additional requirements: Average daily balance of $5,000 on the 90th day after account opening
  • Hard/soft pull: Soft
  • ChexSystems:Yes
  • Credit card funding: No
  • Monthly fees: $20, avoidable
  • Early account termination fee:  $50, 180-days
  • Household limit: None
  • Expiration date: June 28th, 2019 September 30th, 2020 November 30, 2020

The Offer

Direct link to offer

  • M&T Bank is offering a bonus of $300 when you open a new Tailored Business Checking account and complete the following requirements:
    • Have an average ledger balance of at least $5,000 on your 90th day after account opening
  • You can also get $200 when you open a business credit card. This is a weak offer compared to other business credit card bonuses.



The Fine Print

  • We will credit one $300 bonus (“Checking Bonus”) to your new M&T Tailored Business Checking Account opened between 8/1/20 and 9/30/20 if the Average Ledger Balance in the Account is at least $5,000 for the third full calendar month after the Account was opened.
  • If the requirements are met and the Account remains open, the Checking Bonus will be credited to the Account within 45 days after the end of the third full calendar month after the Account was opened.
  • The Checking Bonus is reportable for tax purposes and is not available to employees of M&T Bank or any of its affiliates.
  • The Checking Bonus is not available to customers who have had a non-personal M&T checking account within the previous 90 days of opening an M&T Tailored Business Checking account.
  • Only one Checking Bonus will be awarded per customer regardless of the number of new M&T Tailored Business Checking accounts opened.
  • A $50 Account Closure Fee applies if the account is closed within the time period referenced in the Commercial Deposit Account Fee Schedule.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $20 monthly fee. This is waived if you:

  • Maintain a $10,000 monthly average ledger balance
  • Maintain $25,000 average ledger balance between checking & savings
  • Make $2,000 in purchases on a linked M&T business credit card
  • M&T bank merchant services account proceeds deposited

Early Account Termination Fee

The personal account has a $50 early account termination fee if closed within 180 days, not sure if it’s the same on this business account or not.

Our Verdict

Last year they offered a similar bonus but it was for $300 + $200, rather than $400 + $100. You will need to keep $10,000 in this account to keep it fee free and to trigger the bonus (or you could put $5,000 into the account and just pay the monthly fees). Either way the deal is still worth doing as the bonus is for $400. Keep in mind M&T also offer personal bonuses of up to $300 as well. I will be adding this to our list of the best business bank account bonuses.

Hat tip to reader ChurningFast

Useful posts regarding bank bonuses:

Post history:

  • Update 3/21/20: Deal has been extended until May 15th, 2020.
  • Update 2/2/20: Deal is back until 3/20/20 but checking bonus has been reduced to $300. I’d recommend waiting until the $400/$100 bonus returns. Hat tip to reader Ryan
  • Update 7/28/19: Deal is back and valid until September 26th, 2019. There is also a $200 bonus that we will post about shortly.

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